Permits to drill for oil and gas on U.S. public land will be delayed after a federal judge ruled against the White House’s estimates of the social costs of greenhouse gas emissions, according to a court filing on Saturday.
The U.S. is expected to be a net importer of petroleum for the second consecutive year in 2022 following the nation’s historic shift in 2020 to become a net exporter.
Western energy majors are poised to return a near-record $38 billion to shareholders through stock buybacks this year, almost double the amount from the last time oil traded above $100/bbl in 2014.
U.S. rail carloads were up 11.9% from a year ago for the week ending Feb. 12, but intermodal container and trailer cargos were down. In the first six weeks of 2022, container and trailer shipments by rail were down nearly 12% as shippers divert cargoes to trucks to avoid rail congestion.
Cargo volumes through the Port of Los Angeles rose an annual 3.6% in January to 865,595 TEUs, the first annual increase since September of 2021. January volumes at the Port of Long Beach rose 4.8% to surpass 800,000 TEUs for the first time.
Officials say a 30-vessel backlog of container ships at the Port of Charleston — up from 19 last month — will not be cleared until mid-April, as supply chain congestion extends to more U.S. gateways.
Twelve vessels are waiting to anchor at the Port of Virginia after two snowstorms disrupted operations for four straight days in late January.
Hong Kong cargo shipments plunged in January because of strict COVID-19 controls, with Cathay Pacific’s volumes falling over 50% from January 2019 and 31% from the same month last year.
Cases of crew abandonment on shipping vessels, where operators leave crews stranded without pay, more than doubled to a new record last year and are set to exceed that level in 2022.
Vietnam is keeping factories open despite record-high COVID-19 case counts, reversing a policy of sweeping lockdowns last year that cut off supplies to Western retailers.
Growing numbers of startups are working on innovations aimed at managing warehouses and tracking inventory, as investment in supply chain tech firms hit $24.3 billion in the first nine months of 2021, 60% higher than in all of 2020.
New COVID-19 cases are down 40% in Mexico the past three weeks.
Europe’s composite Purchasing Managers Index for February rose to 55.8, higher than expected, as prices in the region saw a record increase.
Germany’s federal bank warned that the surge in Omicron COVID-19 infections may have pushed the nation into its second recession of the pandemic, projecting that economic output in the EU’s largest economy could drop considerably in the first quarter.
The economy of Russia, boosted by rising oil prices, beat expectations and rose 4.7% last year, the quickest pace since 2008.